Rain Raises $250 Million to Scale Platform for Launching Stablecoin Cards

Rain raised $250 million in a Series C funding round to scale its infrastructure for stablecoin payments and add new capabilities and products.

The round boosted Rain’s valuation to $1.95 billion, which is 17 times higher than its valuation 10 months ago, the company said in a Friday (Jan. 9) press release.

Rain’s platform enables companies to launch compliant stablecoin cards that work everywhere Visa is accepted, offer rewards, convert fiat into stablecoins, power secure wallets and facilitate payouts, according to the release.

The platform is used by more than 200 companies and facilitates over $3 billion in annualized transactions, the release said.

“In the last year, our active card base has increased 30x and our annualized payment volume has increased 38x, but we’re still in the early innings,” Rain CEO and Co-founder Farooq Malik said in the release. “This funding lets us bring that infrastructure to new markets and help additional enterprises go live and scale quickly everywhere.”

With the new capital, Rain will expand its presence in licensed markets across North America, South America, Europe, Asia and Africa; deepen the capabilities of its platform, including through acquisitions; and invest in new products that support stablecoin payments, per the release.

Kamran Zaki, partner at ICONIQ, which led Rain’s latest funding round, said in the release that enterprises are now selecting the platforms they will use as payments shift from legacy payment networks to programmable digital-asset infrastructure.

“In our view, Rain has a rare combination of full-stack technology, regulatory readiness and real-world scale,” Zaki said. “Their focus on making tokenized money mainstream, rather than a niche financial experiment, may resonate and align with what large enterprises are looking for as they move from exploration to production.”

Rain’s latest funding round came about four months after a Series B round in which it raised $58 million and nine months after a Series A in which it raised $24.5 million.

In November, the company acquired on-chain rewards platform Uptop, saying this would accelerate Rain’s effort to deliver “a complete, vertically integrated stack.”

Stablecoins may prove to be the most transformative chapter in digital payments because they merge money movement and reconciliation into a single digital packet, Malik told PYMNTS CEO Karen Webster in an interview posted in September 2025.

It’s “the holy grail of money since the beginning of time,” Malik said.